outsource Financial program has backing of CBA
outsource Financial has launched a new program to help brokers to take their education to the next level.
The aggregator has partnered with the AAMC Training Group to give its brokers the opportunity to have their prior learning recognised towards the completion of their Diploma of Finance and Mortgage Broking.
The Recognition of Prior Learning program caters for brokers who have completed their Certificate IV qualification in Finance and Mortgage Broking and have a minimum of two years’ experience in more complex lending, such as commercial lending, asset finance, and/or SMSF lending.
The Certificate in Finance and Mortgage Broking is the minimum industry standard required for a mortgage broker, while the diploma is the next level of qualification.
Head of training and education at outsource Financial Heather Gallagher (pictured above left) said that brokers were able to use their existing experience, giving them the ability to fast-track their way to a Diploma of Finance and Mortgage Broking.
Gallagher facilitates the program, which is held as a one-day workshop within a small group setting.
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“Rather than take months to complete a diploma, brokers are with outsource Financial for one day and we do all of the work together,” Gallagher said.
The workshop includes a range of activities, and a small amount of pre-work is required. outsource Financial assists brokers with all of the submission paperwork requirements to recognise their prior learning.
The submission process includes an interview with the AAMC, at which brokers are required to answer questions.
With a mantra that “education is empowerment”, outsource Financial believes that although the industry currently doesn’t require a diploma, it is in the best interest of brokers to have the highest level of education practically available to help customers at the highest level.
Gallagher said that while education was high on the priority list for brokers, the biggest barrier to them completing this qualification, was time.
“They always have one more client or one more lender to talk to … many just never get around to doing it. As an example, some brokers have told me, they have paid for this course before, yet have never completed it in the timeframe allocated,” Gallagher said.
“This program removes the barrier to getting it done … it means they’ll get their Diploma in Finance and Mortgage Broking in recognition of their experience.”
An added benefit to completing this program is that some lenders do require this diploma for accreditations, Gallagher said.
“It’s also good for the consumer to see that their mortgage broker has a higher level of education,” she said.
CBA supports program as sponsor
Commonwealth Bank is one of two key sponsors of outsource Financial and are supporting the diploma program program.
CBA executive general manager homebuying Michael Baumann (pictured above right) said that ongoing training and development was “critical” to ensuring that the bank’s broker partners were able to best support customers to reach their home ownership goals.
“We work closely with the MFAA, aggregators and our partners to support the training and development programs created for their brokers to ensure they offer opportunities for growth and continuous development,” Baumann said.
“In addition, we have continued to invest heavily in our training hub, which offers 24/7 access to on demand resources designed to provide continuing support to our broker partners.”
The first round of the outsource Financial Recognition of Prior Learning Diploma program started in Victoria in mid-June and will be completed across NSW and Queensland over the coming weeks.
Due to popular demand, outsource Financial is planning to run the program again later this year.
outsource Financial provides a range of education initiatives for its broker partners. These include the Loan Admin Mentoring Program and the Festival of SME series. The aggregator recently appointed Sarrah Fariha as their new “on the ground” relationship manager for WA.
